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A Chit Fund Scheme By KSFE Will Be Inaugurated By CM In UAE Next Month

Programme enables person who joins to complete every process online

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A Chit Fund Scheme By KSFE Will Be Inaugurated By CM In UAE Next Month
A Chit Fund Scheme By KSFE Will Be Inaugurated By CM In UAE Next Month, flickr

The Kerala government’s dream programme to raise money from its diaspora through “chitties”, or a chit fund scheme launched by state-run Kerala State Financial Enterprise (KSFE), will be inaugurated by Chief Minister Pinarayi Vijayan in UAE next month, Finance Minister Thomas Issac said on Monday.

In an interaction with editors of the Kerala media, he said all the requisite permissions have been obtained from all authorities.

“This programme was initiated by the previous UDF government and the permission to go ahead came at its fag end. After we came to power, we took this forward and all permissions and sanctions are ready and all those diaspora who wish to participate in it can join,” said Issac.

“On June 12, Vijayan will launch the registration process and all those who wish to enter the scheme can register in the KSFE site. Once Vijayan launches the programme in UAE, next month, the chitty scheme will be open,” he added.

Coins
Coins, Pixabay

KSFE Chairman Philipose Thomas said to start with, those who wish to participate can contribute monthly as low as Rs 3,000 to a high of Rs 25,000.

“The duration of the chitty given the nature of the job scenario in the Middle East is kept from a minimum of 30 months to a maximum of 60 months. Once a diaspora member joins he can pay the monthly contribution through his non-resident ordinary account and at the end of the chitty term, the payment will be made to his non-resident ordinary account,” he said.

“The programme enables each person who joins the chitty to complete every process online, which includes even bidding, and at the end of the period, the money will be credited into their bank account. Every aspect of the online process has been tested,” said Unni Krishnan who heads the technology division of the chitty scheme.

The entire programme is being handled by the Kerala Infrastructure Investment Fund Board, a government-owned financial institution meant to mobilize funds for infrastructure development outside state revenue.

Its Chief Executive K.M. Abraham, who is a former state Chief Secretary, said that no one needs to donate anything, but only to join a chitty where the money collected will be deposited in bonds and used for the state’s development needs.

“At the end of the chitty, it’s a win-win situation for both the person who joined the chitty and for the state government,” he added.

Kerala CM, Pinarayi Vijayan with PM Narendra Modi
Kerala CM, Pinarayi Vijayan with PM Narendra Modi, flickr

Also read: Reliance home finance celebrates 46 growth in income

According to the latest study report on the diaspora, 90 per cent of 23.63 lakh Keralites aboard are in the various Middle East countries, of which UAE accounts for 38.7 per cent, followed by Saudi Arabia with 25.2 per cent. (IANS)

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UAE-Based Indians expatriates Start Free Online Coaching For Kids

2 Dubai based best friends have started the '#PandemicCamp' to provide free online education for CBSE students

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2 UAE based expats have started taking free online classes of children who can't afford private tutors during the pandemic. Pixabay

Two United Arab Emirates (UAE)-based Indian expats started free online coaching for children who have dropped out of after-school private tuition because of the coronavirus pandemic, Coronavirus disease (COVID-19) news reported.

Simran Kanal and Mehak Lalchandani, who have been best-friends from their Dubai school days, were running their newly-founded ‘#PandemicCamp’ to provide free online coaching for CBSE students whose parents can no longer afford private tutors, reports Gulf News.

Pandemic Camp is offering free Zoom lessons in English, Maths and Hindi for grades one to five, taught by the two former CBSE students Kanal and Lalchandani, both 2014 alumni of The Millennium School in Dubai.

“We’re both very compassionate, both as students and as teachers. We came across parents who have had to withdraw their children from private tuition, so this camp is a way we wanted to give back to society,” said Kanal, a freelance journalist and writer who works for an online marketplace platform.

man- Online
Pandemic Camp is offering free Zoom lessons in English, Maths and Hindi for grades one to five. (Representative Image). Pixabay

Lalchandani, a finance degree holder, said: “Since we’re very familiar with the CBSE curriculum, that is why we chose CBSE and are catering to primary school grades.”

Also Read: Risk of Multiple Sclerosis High in Urbanites due to Air Pollution

She said the sudden switch to distance learning has not been easy for students, teachers and parents.

“In a classroom, you have 30 students and you have to personally go to a student and see what they’re doing in their book. But when you have 30 students online, then it’s very difficult for that one-on-one help,” Gulf news quoted Lalchandani as saying.

Kanal said compared to her school days, students today in grade four or five have “tremendous assignments” that often need close help by parents, who themselves have to learn new digital skills. (IANS)

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The Best Ways to Finance Buying a Car

Buying a car? Dont worry, we have a number of options for you to choose from

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Car showroom
Stop worring about savings while buying a car now. We bring to you various options to choose and decide from. Pixabay

So, you have set your sights on getting your own car. If you have saved enough, you can pay the entire amount at one go and not have to worry about anything. But the average person might not have that much money. If you too belong to that group, then you need not fret. Have a look at the various options that you have and decide for yourself.

1. Loan

Get a loan from a bank or any other finance company. If you have a good credit history, this option can turn out to be the cheapest. To get the best interest rate on your loan, you may need to look at different options. NowLoan can help you find the best lender.

Pros

  • You get the ownership right from the start
  • Formalities can be done online

Cons

  • Requires good credit history
  • It can affect your ability to borrow more
auto financing car
If you buy a car with the help of a loan then you get the ownership of the car from the start. Pixabay

2.Personal Contract Purchase

At the start, you pay a deposit. After that, you need to pay a monthly payment for a period of 2 to 4 years. Once the contract ends, you can pay a final amount of money and buy the car. Or, you can exchange the car for a new one and continue as usual. Or, you could simply not continue any further and return the car.

Pros

  • Greater choice after the end of the contract
  • Flexibility in terms of payment

Cons

  • You may have to pay extra for mileage higher than a certain limit
  • More tear and wear can result in higher charges

3.Personal Contract Hire/Lease

If you simply want to hire a car and not buy it, then this method can turn out to be cheaper. Under this process, you provide a deposit. You continue to pay monthly instalments until the end of the lease contract. Once the contract ends, you need to hand the car back.

beautiful car
You can hire a car if you want flexibility in terms of payment. Pixabay

Pros

  • Flexibility in terms of payment
  • Monthly payment includes servicing and maintenance costs

Cons

  • Deposit needed of 3 months payment
  • In the end, you have to give up the car

4. Hire purchase

In this payment option, you are hiring the car until you finish paying the whole amount. Once the last instalment is paid, the ownership of the car transforms to you. First, you need to pay a deposit of around 10% of the price. Then, you need to pay a monthly instalment for a certain period.

Read More: Live Music Can be Rocked Virtually Also Now

Pros

  • No extra charges for wear and tear or mileage
  • Flexibility in duration

Cons

  • You will get ownership only after you have paid the final instalment
  • The monthly payment is higher than other option

Conclusion

Each of the options listed above has its advantages and disadvantages. You will need to look into the ones that are most suitable for your needs. Calculate the total cost by including the deposit and each monthly payment. Know about extra or hidden charges you may have to pay. You can get in touch with a trusted broker like NowLoan online to get the most suitable lender and easily get that dream car.

[Disclaimer: The article published above promotes links of commercial interests.]

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Covid-19: Liquor Prices Hiked Up to 35% in Kerala

Covid-19 impact leads to liquor prices hiked up in Kerala

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"The tax rate on beer and wine would go up by 10 per cent, while all forms of liquor will be taxed by an additional 35 per cent," said Kerala CM Vijayan. Wikimedia Commons

The Kerala cabinet meeting held here on Wednesday decided to hike the tax rates on liquor, beer and wine ranging from 10 to 35 per cent.

The office of Chief Minister Pinarayi Vijayan said that this has been done to tide over the difficulties faced on account of the lockdown and an ordinance to this effect will be issued soon.

“The tax rate on beer and wine would go up by 10 per cent, while all forms of liquor will be taxed by an additional 35 per cent,” said Vijayan.

The liquor vends and bars are all closed and in all likelihood, might open very soon.

A photo made with a fisheye lens shows bottles of alcohol in a liquor store in Salt Lake City. The National Institutes of Health said Friday that it was canceling a study of moderate drinking's health benefits because the results could not be trusted. Beer and liquor companies were helping to underwrite it.
The liquor shops and bars are all closed but are likely to open very soon. VOA

The state exchequer has been reeling under lack of revenue and last month all what the state government could collect from various sources was a mere Rs 250 crore.

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For fund-starved Kerala, revenue from liquor and beer is one of the biggest cash cows and in the last fiscal, garnered it a total of Rs 14,504.67 crore and hence the devolution of IT into Bevco, would be a big relief for the state’s finances.

The profile of liquor users in the state, in a study conducted earlier, reveal that around 32.9 lakh people – 29.8 lakh men and 3.1 lakh women – out of the state’s 3.34 crore population consume liquor.

Around five lakh people consume liquor on a daily basis. Of this, 83,851 people, including 1,043 women, are addicted to alcohol. (IANS)